2024 Outlook with the Aftermarket Radio Network [THA 367]
Industry experts discuss the future of the automotive industry, focusing on training, technology, and business strategies. They explore the importance of simplifying communication, utilizing video content for customer education, and the benefits of in-person versus virtual training. The panel also discusses the challenges of management training and the need for a holistic approach to business issues, emphasizing collaboration and a positive company culture. The episode provides insights into adapting to economic changes and fostering industry growth through shared knowledge and experiences.
Matt Fanslow, Riverside Automotive, Red Wing, MN, Diagnosing the Aftermarket A to Z Podcast
Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast
Kim and Brian Walker, Shop Marketing Pros, Auto Repair Marketing Podcast
Chris Cotton, AutoFix Auto Shop Coaching, Chris Cotton Weekly Blitz Podcast
Show Notes:
- Watch Full Video Episode
- Impact of COVID on business (00:02:37) Analysis of the impact of COVID on business performance and consumer behavior.
- Economic indicators and business mindset (00:06:40) Discussion of economic indicators, including credit card delinquencies, and the importance of mindset in business performance.
- Influence of external information (00:11:01) The impact of external information on mindset and decision-making within the industry.
- Proactive vs. Reactive business approach (00:13:35) The importance of a proactive approach and avoiding a reactive mindset in business management.
- The importance of long-term perspective (00:15:28) Discussing the need to take a step back and wait for trends to play out before making reactive changes.
- The impact of timing and consumer confidence (00:15:42) Exploring the delayed impact of business decisions and the importance of considering consumer confidence in financial planning.
- Dealing with business cycles and financial pressures (00:18:03) Understanding the impact of property taxes and the need to avoid overreacting to short-term financial fluctuations.
- Planning for financial obligations and cash flow (00:19:17) Discussing the importance of planning for taxes and managing cash flow to avoid financial stress.
- Balancing long-term trends and short-term anomalies (00:19:38) Emphasizing the need to focus on longer-term business trends and avoid getting caught up in short-term fluctuations.
- Consumer confidence and economic impact (00:20:53) Analyzing the influence of consumer perception and economic factors on business decisions.
- The importance of video marketing (00:24:05) Highlighting the significance of video content in marketing strategies and encouraging businesses to embrace video marketing.
- Community involvement and communication (00:29:02) Exploring the value of community engagement and face-to-face communication in marketing efforts.
- The customer’s questions (00:29:56) The importance of answering customer’s questions through video and blog content.
- Technology and future training (00:31:32) Trends in training, including in-person and virtual options, and the need for diverse training methods.
- Training workforce and team culture (00:33:06) Discussion on the training workforce, the importance of team culture, and the impact of training on company culture.
- Commitment to training (00:37:39) The commitment of independent shop owners to training and the challenges in getting employees to participate.
- Virtual training and lunch and learn (00:40:55) The increase in virtual training and the implementation of lunch and learn sessions with virtual trainers.
- Business management and training (00:42:07) Comparison of business management to car repair, addressing the need for a holistic approach to business issues.
Thanks to our Partner, NAPA TRACS
NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/
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About the author, Carm Capriotto, AAP
Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of experience in the aftermarket to bring engaging stories from his guests.
Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices, and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.
As host of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.
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